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We are an Advice-Only Planning Firm

An alternative for some clients to receive unbiased advice or second opinions

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What is Advice-Only?

Traditionally, most financial advisory firms have built their business around either selling financial products (receiving a commission) and/or managing assets for a fee (Assets Under Management or AUM), generall 1% or more every year.

Under an Advice-Only contract, the client will generally pay just for analysis, advice, and recommendations.  Then if the clients wants to pursue another financial services firm for AUM or purchase a recommended product, they may do so in a separate transaction with another firm.

Many people as the question, "Can I use an Advice-Only firm for planning even though I have another service provider for AUM?"  The answer is yes you can.  Some example client segments that may benefit from Advice-Only are included below.

Client Segments that may Benefit from Advice-Only

TThere are a good number of client segments that can benefit from Advice-Only.  One segment of clients are those comfortable knowing what products they want or managing their own portfolios.  This segment of clients can be considered “Do It Yourselfers” and are typically reasonably competent in the area of personal finances, investing, etc.  Many times this client will need just a second opinion, research on alternatives, or just a professional analysis of their own assumptions.
This do-it-yourselfer segment can come to an Advice-Only planning firm and receive the analysis, alternative solutions, and advice they need to be comfortable moving forward.
Another segment of clients that may benefit from Advice-Only are clients that already have their assets with an AUM provider but may not be receiving the level of financial planning that they desire.  That client can engage with an Advice-Only planner as a second opinion to the advice or investment strategy without moving their assets from their current financial services firm.

Some brand new clients that have never engaged with a financial planner in the past may benefit from an Advice-Only planner to help them get started on their financial journey without initially committing their assets to a service provider.  The Advice-Only planner may be able to give them direction on how to best manage their assets or offer various alternative money manager firms for their consideration.

High Net Worth (HNW) individuals may also find benefit in working with an Advice-Only planner to evaluate complex tax planning, estate planning, or legacy situations that may not be addressed by their current financial services provider.
The main benefit of an Advice-Only planning firm is the fees are transparent.  In other words, you will receive a contract with a description of the service to be provided and the corresponding fee.   Contracts with an Advice-Only firm can generally be for a one-time assessment or on-going financial planning.

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If you believe you could benefit from working with an Advice-Only financial planner, schedule a 30-min consultation to review your goals to see if you’re a good match for our practice.